First Solar (NASDAQ:FSLR) Receives “Buy” Rating from Guggenheim

Guggenheim reaffirmed their buy rating on shares of First Solar (NASDAQ:FSLR) in a research report report published on Wednesday morning,Benzinga reports. Guggenheim currently has a $335.00 price target on the solar cell manufacturer’s stock.

Several other analysts have also issued reports on FSLR. Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 15th. Evercore ISI reduced their target price on First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Jefferies Financial Group lowered their price target on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Robert W. Baird reduced their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 18th. Finally, Truist Financial began coverage on First Solar in a research note on Thursday, September 26th. They set a “buy” rating and a $300.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $277.75.

First Solar Price Performance

Shares of First Solar stock opened at $171.90 on Wednesday. First Solar has a twelve month low of $135.88 and a twelve month high of $306.77. The company has a 50-day simple moving average of $189.98 and a two-hundred day simple moving average of $208.83. The stock has a market capitalization of $18.40 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 0.22 and a beta of 1.49. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the firm earned $2.50 earnings per share. First Solar’s revenue was up 10.7% on a year-over-year basis. Analysts forecast that First Solar will post 13.07 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FSLR. Electron Capital Partners LLC grew its holdings in First Solar by 81,947.0% during the second quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock worth $1,729,223,000 after buying an additional 7,660,409 shares in the last quarter. Wellington Management Group LLP grew its position in First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after purchasing an additional 904,498 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in First Solar by 1,757.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock valued at $136,242,000 after buying an additional 516,783 shares during the last quarter. Merewether Investment Management LP lifted its position in shares of First Solar by 993.4% during the 3rd quarter. Merewether Investment Management LP now owns 322,936 shares of the solar cell manufacturer’s stock worth $80,553,000 after buying an additional 293,400 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in shares of First Solar in the 3rd quarter worth approximately $67,652,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.